CCN 155443 · Delaware County, Indiana
Waters of Muncie, the
2400 Chateau Dr, Muncie, IN 47303
Waters of Muncie, the is a 72-bed government-owned nursing home in Muncie, Indiana, first certified for Medicare or Medicaid in 1992. CMS rates it 2 out of 5 stars overall in its September 2026 data, and it averaged 45.7 residents a day, about 64% of its certified beds. It has an active FHA-insured Section 232 loan: $3.2 million originally, at 5.77%, with $3.1 million outstanding as of September 30, 2026 and maturity in June 2056.
Facility facts
- Certified beds
- 72
- Average residents per day
- 45.7 (63.5% of beds)
- Ownership type
- Government - City/county
- Certification
- Medicare and Medicaid
- Legal business name
- Henry County Memorial Hospital
- Certified since
- Apr 1, 1992
- Chain or affiliated group
- Infinity Healthcare Consulting (70 facilities, chain average 2.1 stars)
- Location
- Urban
Ratings and staffing
Star ratings run from 1 to 5. Staffing is nurse hours per resident per day from CMS Payroll Based Journal data; turnover is the CMS annual nursing staff turnover rate. Occupancy is CMS's average daily census divided by certified beds.
| Measure | This facility | Indiana median | US median |
|---|---|---|---|
| Overall rating | 2 of 5 | State spread: 90 at 1, 99 at 2, 83 at 3, 113 at 4, 119 at 5 | |
| Health inspections | 2 of 5 | ||
| Quality measures | 5 of 5 | ||
| Staffing | 1 of 5 | ||
| Total nurse hours per resident per day | 3.56 | 3.55 | 3.68 |
| RN hours per resident per day | 0.41 | 0.60 | 0.58 |
| Weekend nurse hours per resident per day | 3.27 | ||
| Nursing staff turnover | 56.7% | 45.3% | 44.9% |
| Occupancy (residents / beds) | 63.5% | 78.6% | 85.7% |
| Fines reported by CMS | None | ||
| Health deficiencies, latest standard survey | 9 (Mar 31, 2025) | ||
HUD 223(f) Express Lane: the CMS part
HUD gives 223(f) applications queue priority when the facility has CMS overall and health inspection ratings of at least 2 stars and no abuse icon, among other tests (ORCF criteria of March 31, 2026). Waters of Muncie, the meets that part today: 2 stars overall, 2 on health inspections, no abuse icon. The loan-to-value, coverage and operator tests depend on the deal. All the criteria.
Who owns and operates it
These are the owners and operators the facility reported to CMS: anyone with a 5% or greater direct or indirect stake, and any organization with operational or managerial control.
| Name | Role | Share | Since |
|---|---|---|---|
| Henry County Memorial HospitalOrganization | Direct Ownership Interest | 100% | 02/19/2013 |
| County Hospital Manager LLCOrganization | Operational / Managerial Control | n/a | 02/19/2013 |
Changes of ownership
No change of ownership for this facility appears in the CMS change-of-ownership file, which starts in January 2016.
HUD Section 232 loans
HUD's Office of Healthcare Programs lists these FHA-insured loans for a project we matched to this facility by name, city and bed count. Status, rate and balance come from HUD's insured-mortgage files as of September 30, 2026. Check the FHA number against the loan documents before relying on the match.
| Endorsed | Program | Original amount | Status | FHA number |
|---|---|---|---|---|
| May 10, 2023 | 223(f) refinance or purchaseHUD project name: The Waters of Muncie, 72 beds. Lender at endorsement: Walker and Dunlop LLC | $3,208,400 | Active: 5.77%, $3,092,255 balanceMatures Jun 1, 2056. Servicer: Walker and Dunlop LLC | 07322324 |
Sources and dates
Facility, rating, staffing and ownership data: CMS Provider Information and CMS Ownership, processing date September 2026. Private equity, REIT and mortgage-interest flags and changes of ownership: CMS Skilled Nursing Facility All Owners and Change of Ownership files (2026-10-01). FHA-insured loans: HUD Office of Healthcare Programs endorsement database, data run July 8, 2026. How we join them, and what the join can get wrong: methodology.
SNF Register is independent. It is not affiliated with or endorsed by CMS, HUD or FHA. Spotted an error? Write to hello@hudskillednursing.loan.